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The time to complete a construction project is normally distributed with a mean of 60 weeks and a standard deviation of 4 weeks. What is the probability the project will take longer than 65 weeks?
1. What do discrete random variables describe? 2. Explain joint probability. 3. Explain conditional probability.
In a sample of 4 items, what is the probability that exactly 3 are acceptable? Assume the samples are drawn without replacement. (Round your answer to 4 decimal places.)
After a logarithmic transformation, we obtain the following regression result of Cobb-Douglas production formula for a firm:
The cost accountant for Blue Pharmaceuticals has informed you that the company's materials quantity variance for the drug Allegro was exactly equal to its materials price variance for the year.
The population consists of two strata, H and L of sizes 100,000 and 500,000 and standard deviations 20 and 12 respectively. A stratified sample of size 100 is to be taken.
A product is made up of two subsystems in parallel. Subsystem one consists of ten elements in series each with a failure rate of 1/100. The second subsystem consists of 5 elements in series each with a failure rate of 1/200. What is the overall re..
A coin is unbalanced such that it comes up tails 55% of the time. In an effort to prove that the coin is unfair, an experimenter flips the coin 50 times.
Compute the unit manufacturing cost of the product under the contribution approach. Compute the effect on net income of accepting a special order for 500 units at $10 per unit assuming excess capacity.
What about these descriptive statistics makes you wary or uncomfortable? In other words, if you were a real estate agent, would you go around spouting the answers that you gave above? Explain.
Analysis of weekly widget production reveals that the number of widgets X produced in a week is a random variable with mean μX = 200 and standard deviation σX = 20. What are the mean and the standard deviation of C?
Create ADM/PERT diagram. Determine the critical path.
Suppose you are working with a data set that is normally distributed, with a mean of 300 and a standard deviation of 44. Determine the value of x from the following information.
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